Nokia Raises $230 Million for Expansion, Sells 240 Million Phones Since 2016


HMD Global, the company that is running all Nokia operations, has successfully closed US$230 million in the first closing of its current funding round from some of its top global strategic partners.

HMD Global has been revitalizing the once-great Nokia brand. It has been this by going into the market with a different approach. First, Nokia phones come with unadulterated software, implying the OS looks mostly like how Google intends. The OS is also under the Android One program, implying that customers are assured of major OS updates for two years, and security updates up to the third year.

In fact, looking at devices sold in Kenya, Nokia is among the companies that have done well in the updates department.

Read More: The State of Android 10 This Year

Nevertheless, the funds will see HMD cement its strategic vision in four key areas. To begin with, it wants to see customers access 5G devices at an affordable price. Secondly, HMD Global will seek to transition to a digital-first offering as part of a new post-COVID reality.

Thirdly, the fund will see Nokia expand its turf in developing markets including India, Africa, and Brazil. Lastly, the investment will help the business strengthen its leading position beyond just hardware and into a holistic mobile service provider.

Since coming back in 2016, Nokia is active in 91 markets and has since sold 240 million phones to date.

What they said

Our unique business model, based on asset-light global deployment and strong partnerships with the best in the industry, is entering a new level of maturity with the valued support of some of the most influential market-makers in mobile devices. I am extremely proud of our significant achievements to date and also thrilled about the immense opportunity before us to accelerate our journey towards excellence.

– Jean-Francois Baril, Executive Chairman and Co-Founder, HMD Global

Since the very beginning, HMD Global has worked to build strong bonds with our strategic partners. This additional investment further validates our long-term business strategy and is evidence of our collective mission to make modern mobile technology accessible to everyone. Security, reliability, and dependability are the cornerstones of our offering, and we will ensure we are using these funds to deliver the best experiences people have come to expect from a Nokia phone.

– Florian Seiche, Chief Executive Officer, HMD Global